Fulcrum Therapeutics™ Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Fulcrum Therapeutics (Nasdaq: FULC) announced the approval of an inducement award for Naomi Aoki, the newly appointed SVP of Communications and Investor Relations, on September 10, 2021. The grant includes a nonstatutory stock option for 58,000 shares at an exercise price of $28.21, the closing price on September 30, 2021. The option has a ten-year term and vests over four years, promoting retention through gradual vesting. Fulcrum Therapeutics focuses on developing treatments for genetically defined rare diseases, advancing losmapimod for facioscapulohumeral muscular dystrophy and FTX-6058 for sickle cell disease.

Positive

• Inducement grant approved for new SVP, enhancing team expertise.
• Stock option price aligns with previous closing price, potentially attractive.

Negative

• None.

CAMBRIDGE, Mass., Oct. 01, 2021 (GLOBE NEWSWIRE) -- Fulcrum Therapeutics, Inc. (Nasdaq: FULC), a clinical-stage biopharmaceutical company focused on improving the lives of patients with genetically defined rare diseases, today announced the grant of an inducement award outside of the Company’s 2019 Stock Incentive Plan to Naomi Aoki, the Company’s newly appointed SVP, Communications and Investor Relations. The grant was approved by the Compensation Committee on September 10, 2021, as an inducement material to the employee entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The inducement grant consisted of a nonstatutory option to purchase up to 58,000 shares of common stock. The option has an exercise price of $28.21 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on September 30, 2021. The option has a ten-year term and vests over four years, with 25% of the original number of shares vesting on the first anniversary of the employee’s start date and an additional 6.25% of the shares vesting in equal quarterly installments over the twelve successive quarters following the first anniversary, subject to such employee’s continued service with the Company through the applicable vesting dates.

About Fulcrum Therapeutics
Fulcrum Therapeutics is a clinical-stage biopharmaceutical company focused on improving the lives of patients with genetically defined rare diseases in areas of high unmet medical need. Fulcrum’s proprietary product engine, FulcrumSeek™, identifies drug targets which can modulate gene expression to treat the known root cause of gene mis-expression. Fulcrum has advanced losmapimod to Phase 2 clinical development for the treatment of facioscapulohumeral muscular dystrophy (FSHD). Fulcrum has also advanced FTX-6058, a small molecule designed to increase expression of fetal hemoglobin for the treatment of sickle cell disease and beta-thalassemia into Phase 1 clinical development.

Contact:
Christi Waarich
Director, Investor Relations and Corporate Communications
cwaarich@fulcrumtx.com
617-651-8664

                

FAQ

What is the significance of the stock option grant for Naomi Aoki at Fulcrum Therapeutics?

The stock option grant is an inducement for Naomi Aoki to join Fulcrum, aligning her interests with the company's performance.

What is the exercise price of the stock option granted to the new SVP of Fulcrum Therapeutics?

The exercise price of the stock option is $28.21, the closing price on September 30, 2021.

How many shares were included in the inducement grant for Naomi Aoki?

The inducement grant included 58,000 shares of common stock.

What are Fulcrum Therapeutics' main areas of focus as a biopharmaceutical company?

Fulcrum Therapeutics focuses on developing treatments for genetically defined rare diseases, including facioscapulohumeral muscular dystrophy and sickle cell disease.

What is the vesting period for the stock options granted to Naomi Aoki?

The stock options vest over four years, with 25% vesting on the first anniversary and the remainder vesting quarterly thereafter.